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<br />e <br />I ORDINANCE NO. 655 <br />,PAGE 3 <br /> <br />e <br /> <br />e <br /> <br />7. As compensation to City for the use and occupancy of <br /> <br />its public roads, ways, highways, lanes, alleys, bridges, parks and other <br /> <br />public places in the City, and in consideration for the other rights and <br /> <br />privileges herein granted, Company agrees to pay the City on llTarch 15 of <br /> <br />each year occuring during the continuance of this agreement, a sum of <br />money equal to two (2%) per cent of its gross receipts from billings for <br /> <br />the trelve month period from January 1 to December 31, inclusive, next <br /> <br />preceding such March 15, -- exclusive of receipts from the sale of water <br /> <br />to the City of La Porte or any department thereof -- received by the Com- <br /> <br />pany for said twelve month period from its sales made direct by Company <br /> <br />to ultimate consumers for consumption within the corporate limits of the <br /> <br />e <br /> <br />Ci ty; less a sum equal to the aggregate amount of any license, charge, fee <br /> <br />street, or alley rental, or any other charge, or levy, or character of tax, <br /> <br />for use or occupancy of the public roads, ways, highways, lanes, alleys, <br /> <br />bridges, parks or other public places. <br /> <br />8. The City of La Porte reserves the right to purchase from <br /> <br />the Company the franchise and distribution system of the Company pertaining <br />to the distribution of water hereunder at the end of ten (10) years from <br />the date of this franchise and at the termination of each five (5) year <br /> <br />period thereafter. In the event of such exercise of option the City of <br /> <br />La Porte shall be required to pay the Company only for the tangible property <br /> <br />e <br /> <br />making up said distribution system as hereinafter set out and provided and <br /> <br />shall not be charged and pay any price for the franchise, good will or <br /> <br />"going business" of the Company. In the event of the exercise of such <br /> <br />option by the City of La Porte at the stipulated times the price to be paid <br /> <br />to the Company shall be an amount equal to the then "fair value" of said <br /> <br />system. In the event the City elects to purchase the system at its "fair <br /> <br />value" and the Company and the City carmot agree to a "fair value" then <br /> <br />the City shall appoint one engineer, the Grantee shall appoint one engineer <br /> <br />and the tV10 so appointed shall elect another engineer to determine such <br /> <br />"fair value" and the value arrived at by the three engineers shall be the <br /> <br />e <br />